The new system based on the old Silk Road will pass through 60 countries

China is working to develop a vast network of railways and ports dubbed the “Belt and Road Initiative” (BRI).

That includes the “Silk Road Economic Belt” over land and the “21st Century Maritime Silk Road” which is a series of ports and railways.

Combined, the plan will include more than 60 countries and 4.4 billion people, passing through Asia, Europe, Africa and the Middle East, covering up to 40 per cent of global GDP.

It’s expected to cost at least $900 billion, with estimates up to three times that. China has already pledged more than $100 billion and it will be completed in a series of bilateral projects — such as the $46 billion China-Pakistan economic corridor, or a $5.2 billion railway that will eventually link Laos, Thailand, Malaysia and Singapore.

The Chinese Embassy said the “overall vision” is to build a “road of peace, prosperity, opening up, innovation and civilization” that is open for collaboration with other countries. It’s inspired by the ancient Sik Road, it said and over the next five years, China will spend up to $1 trillion in participating countries.

The enormous venture has been called the “biggest story” in Asian business that could redefine global trade.

Combined with US President Trump’s decision to pull out of the trans-Pacific Partnership, some suggest it could signal the start of China becoming the leader on globalised exports.

SOAS China Institute expert Dr Yuka Kobayashi said while Chinese President Xi Jinping’s 2013 speech on the plan has seen it hyped as a “new strategy”, it’s actually a “continuation” of an old idea to assert Chinese political and economic power.

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“It encompasses areas of security and economics and is also China’s challenge to US hegemony.

It’s part and parcel of China trying to assert itself as a rising power and having this influence in power politics commensurate with their status.”

She said the focus on economic is also part of China “trying to present itself in a palatable way” to others. “It’s presented as a win-win initiative, with fuzzy Confucian ideals so that is not perceived as threatening for these border regions.”

China has touted the project as a way of connecting and developing some of the most diverse countries in the world, providing economic opportunities to left-behind regions.

However it’s also widely seen as a way of creating markets for Chinese goods which helps solve the problem of overcapacity for China.

Meanwhile strategic and geopolitical overtones reinforce its dominance in the region.

Dr Kobayashi said the response from countries has been “mixed” depending on how much they need the investment.

“Not being perceived as a ‘threat’ is something that the Chinese are very conscious about so they’re really trying to package it that way, saying ‘we’re investing in infrastructure’ giving you the financing and helping with construction. It’s hard to say ‘no’ to that,” she said.

Others have been less diplomatic.

China expert Tom Miller told the BBC parts of it could be described as a “giant bribe” in which China promises investment in exchange for political concessions.

He also raised the prospect of poor countries like Laos being stripped of their natural resources in exchange for $7 billion in railway investment, for example.

“How is Laos going to pay this back? In practice it’s going to pay it back with natural resources,” he said.

“This railway could metaphorically become a conveyor belt for exporting valuable natural resources out of the country to China.”